24 million shares for ADNOC employees and its retired citizens

1.2 billion shares offered by "ADNOC Drilling" for subscription in "Abu Dhabi Securities"

ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced the prospectus for offering 7.5% of its shares for public subscription on the Abu Dhabi Securities Exchange, equivalent to 1.2 billion shares, with a nominal value of 0.10 dirhams per share, provided that the subscription period begins on September 13th. .

This is the second ADNOC IPO, after offering a stake from ADNOC Distribution.

According to the prospectus that was published on the Abu Dhabi Securities Exchange website, the subscription targets three segments:


The first tranche: 8% of the offering shares will be allocated to this tranche, representing 96.0 million shares. This tranche is limited to individual subscribers (who do not participate in the second and third tranches), and other investors from companies and institutions who do not participate in the second and third tranches.



The minimum subscription for this segment is 5000 dirhams, and 1000 dirhams and its multiples for increase requests, and there is no maximum.



The second tranche: 90% of the offering shares will be allocated to this tranche, amounting to 1080 million shares, and it is limited to qualified investors from qualified companies and institutions, governments, organizations, etc., and a natural person approved by the Securities Commission, or who meets specific financial conditions. The newsletter also separated it.  

The minimum subscription requests submitted through this segment amount to 1 million dirhams, and there is no maximum limit for it.



5% of the offering shares will be reserved for subscription by the Emirates Investment Authority, and the offering shares allocated to the device under these preferential rights will be deducted from the tranche.



The third tranche: 2% of the offering shares, representing 24 million shares, will be allocated to this tranche, which is limited to employees of the ADNOC group companies and their Emirati retirees.

The minimum subscription for this segment is 5000 dirhams, and 1000 dirhams and its multiples for increase requests, and there is no maximum.



The selling price of the shares will be determined by a price range for the offering that will be announced on the first day of subscription on September 13.



The company indicated that the selling shareholder has the right to increase the size of the offering at any time before the end of the subscription period at his absolute discretion.

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